Did you know that the total retail sales worldwide in 2023 are expected to reach a record high of $29.3 trillion? Retail sales projections from this year onwards indicate a continued positive trend. At this rate, the global retail industry’s annual growth rate is set to increase by 3.8 percent from 2023 to 2026.
These numbers are crazy. If there is one profession behind these surreal statistics, it is merchant acquisition jobs. Merchant acquisition is a boon to businesses globally and in the GCC. It is a highly in-demand job and reaps lucrative benefits.
Thus, if you consider merchant acquisition as a career opportunity, there is no better time than now! Let’s learn more about what entails the merchant acquisition job profile!
What is Merchant Acquisition Jobs?
Merchant acquisition is a retail or financial sector job title where an individual is required to wear many hats and perform many responsibilities. The position is versatile, and merchant acquisition associates enjoy a culture of freedom and responsibility to try different things, adapt, learn, explore ideas, and more.
The merchant acquisition executive job description in most companies is a dual-role duty. Individuals are responsible for existing portfolio management and acquiring relevant prospects to improve a brand’s product and service coverage across the target market.
Often, the merchant acquisition associate also acts as a client management executive. They are responsible for increasing coverage with new acquisitions and striving for GMS business metrics such as revenues and contribution margin, book charge volume, Active LIFs (Locations in Force), and discount business volume.
Companies hiring merchant acquisition specialists leverage big data and artificial intelligence processes to connect thousands of lenders with creditworthy borrowers.
These companies are usually third-party vendors to leading financial and payment companies such as Microsoft, Google, SoFi, DOKU, Visa, etc. Their work includes providing borrowers with accessible loans and investors with attractive returns.
Role of Merchant Acquisition Associate
If you are excited about jobs in merchant acquiring, take a look at your expected day-to-day responsibilities:
- Design a creative long-term strategy for merchant revenue development, including the services the company must offer and the levers to optimize.
- Prepare eye-catching presentations and convincing sales pitches to prospects.
- Collaborate with internal stakeholders in the organization (marketing team, Tech team, PR and communications, operations) to ensure a smooth and successful launch of new partnerships.
- Drive and control the business’s revenue strategy.
- Establish and monitor accurate, topline-aligned targets for the entire business and strategies to reach them.
- Foster and maintain close professional relationships with new partners.
- Implement, and execute business strategies aligned with company values and goals.
- Lead go-to-market strategy and campaigns for prospective merchant initiatives to aid the expansion of merchants.
- Understand responsibilities for end-to-end merchant acquisition channels, including lead generation, negotiations, and sealing partnerships.
- Serve as the only point of accountability for the business to achieve its targets.
- Investigate and experiment with market trends and new emerging technology.
- Create models and diagrams to research product uptake and merchant behavior.
- Determine the value of the merchant to the platform.
- Perform market research and analyze benchmarks to identify competitive data and trends in the industry.
- Actively work with partners and stakeholders from other departments (product, success, sales, and support) to create and maintain forecast models to help the business achieve its growth objectives.
- Make accurate and eye-catching visualization reports to track sales commissions and provide information on the company’s success.
- Acquire new retail merchants as prospective partners for the company’s products and services.
- Develop a deep knowledge of the company’s and the partner’s product portfolios.
- Become a subject matter expert on sales data and sales incentives.
- Study and understand the entire sales process and drivers for each product/service the business supports.
- Actively collaborate with the marketing team to understand CAC for inbounds and help optimize the overall merchant acquisition process.
What are the Requirements of a Merchant Acquisition Specialist?
Companies recruiting merchant acquisition associates and specialists look for someone with a bachelor’s degree in finance, marketing, or any relevant field. Besides, here are some preferred criteria for the job profile:
- An entrepreneurial spirit with the ability to thrive in a fast-paced work environment.
- Individuals with at least three to four years of relevant work experience in the field.
- Natural curiosity and a spirit of inquiry.
- Analytical and data-driven acumen.
- Robust financial and business acumen with collaboration and leadership skills.
- Looking for ways to innovate and improve creatively.
- A problem-solver who can independently translate high-level business goals into realistic and actionable plans.
- Must be able to travel for work to conduct business when needed.
- A vast network of contacts in the retail or finance industry.
- Ability to converse and write in English fluently.
- Excellent communication and negotiation skills.
- A relationship-builder with outstanding people skills.
- Result-driven focus with an execution mindset and passion for networking.
- Relevant work experience in strategy and operations, business development, or consulting.
What is the Average Merchant Acquisition Salary?
Merchant acquisition associates and specialists can get hired by leading companies worldwide. Here’s how much you can expect to make in this job title in the GCC region:
- Kingdom of Bahrain: Merchant Acquisition Associate salaries in Bahrain range from 710 BHD per month (starting salary) to 2050 BHD per month.
- Sultanate of Oman: The average salary for a Merchant Acquisition Specialist in Muscat, Oman, starts from 710 OMR monthly and can go up to 2,320 OMR monthly. The additional cash compensation can range from OMR 1500 to OMR 1650.
- Republic of Iraq: The average Merchant Acquisition salary in Iraq starts from 982,000 IQD per month (starting salary) and can go up to 2,750,000 IQD per month.
- United Arab Emirates: The average salary for Merchant Acquisition in Dubai, United Arab Emirates, is AED 9,900 per month. The average additional cash compensation is AED 19000, ranging from AED 6000 to AED 32000.
Also Read: Performance Engineer Job Description
Conclusion
If you plan on pursuing merchant acquisition jobs, this blog provides all the information you need. Note that there is a high demand for this position. Thus, aspiring candidates should ensure their CV is updated to land a high salary package. Besides, attend networking events and keep your socials updated to make industry connections.
To be on the lookout for high-paying job opportunities in the field, check out 6 Pence. We are a leading Staff Outsourcing agency in the Kingdom of Bahrain, the Sultanate of Oman, the Republic of Iraq, and Dubai, United Arab Emirates and we can help you find the job of your dreams.
We hire on behalf of leading MNCs and governmental organizations in the GCC area. Get a chance to work with industry leaders; just drop your CVs with us by visiting the careers page!
Frequently Asked Questions
What is the role of a merchant acquisition manager?
A merchant acquisition manager is in charge of accounts and sales targets of merchants under his care. His responsibilities include supervising the operations team that handles merchant and customer queries and uploading images on behalf of merchants. He may also create and plan marketing events or campaigns to drive sales.
What is a merchant Acquisition Specialist?
A merchant acquisition specialist is an individual responsible for acquiring strategic merchants and managing the merchant onboarding process, including creating, improving, and tracking procedures to identify and sign new seller partnerships.
What is the work of merchant acquisition?
The work of merchant acquisition includes identifying potential merchants, signing them, managing accounts and sales targets of merchants, planning marketing campaigns to boost sales, overseeing the operations team, and so on.
Do you need work experience to become a merchant acquisition associate?
Companies hiring merchant acquisition associates prefer individuals with at least two years of relevant work experience in the industry. However, there are many entry-level jobs available for freshers.
